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Vancouver-based Canaccord Genuity Group Inc. is set to acquire London-based Thomas Miller Wealth Management Ltd. (TMWML) and its private client business in the Isle of Man, the investment manager announced Thursday.

Through its U.K. business, Canaccord Genuity Wealth Management, Canaccord has entered into a share purchase agreement to acquire TMWML and an asset purchase agreement to acquire Thomas Miller Investment (Isle of Man) Ltd., the firm said in a news release.

TMWML “provides financial planning and investment management services to private clients, trusts, charities and corporates in the U.K.,” the release said.

Client assets of TMWML and its private client investment management business in the Isle of Man total approximately $1.8 billion, and together they generated revenue of approximately $14.8 million last year, Canaccord said. The acquisition is expected to be immediately accretive to Canaccord’s adjusted earnings.

Consideration of $31.8 million will be payable on closing, with additional consideration of up to $16.8 million over three years if certain performance targets are met, according to the release.

In connection with the deal, an additional $30 million has been added to Canaccord’s existing bank loan facility.

Closing is subject to regulatory approval and other conditions. The transaction is expected to be completed during the quarter ended June 30, 2019.